Kiambu Women Representative Annah Nyokabi has lauded President Uhuru Kenyatta for signing into law the Banking Amendment Bill of 2015 that seeks to regulate interest rates charged by banks on loans.
In a statement posted on her official facebook page, Nyokabi says that the new banking law will foster economic development.
The Kiambu Women leader noted that the new law that provides for cheaper interest will encourage Kenyans to venture into business.
Nyokabi observed that banks have been offering high interest rates to benefit themselves.
“The new banking law on interest rates will provide an opportunity for Kenyans to venture into business without fear of being charged exorbitant interests on loans,” she said on Wednesday.
Other leaders among them nominated MP Isaac Mwaura and Kikuyu MP Kimani Ichung’wa have also lauded the new law saying that it opens a new chapter in the banking industry.
On Wednesday President Kenyatta signed into law the Banking Amendment Bill of 2015 that provides for regulation of interest rates charged by banks.
While signing the Bill Uhuru said that he had consulted widely and that the interests of Kenyans were much higher than those of the banks.
The Kenya Bankers Association has said that it will implement the new law.
The Banking Amendment Bill of 2015 was sponsored by Kiambu Town MP Jude Njomo.